Rosenberg: Dow Could Fall to 5,000
Gluskin Sheff analyst David Rosenberg says the Dow could go to 5,000.
Rosenberg's reasons: Even if an economic double dip is avoided, the market is not priced for slower growth, and the intense volatility in the major averages over the past three months is consistent with the onset of a bear phase.
“Bob Farrell believes a test of the March 2009 lows is likely,” Rosenberg points out.
“I don’t think anyone is in a position to debate five decades of experience, not to mention his track record. Louise Yamada, a legend in her own right, not to mention the likes of Bob Prechter and Richard Russell, are on this same page.”